Shocking stat of the day: Each of the top 4 S&P 500 companies is now larger than the entire Russell 2000 Index, which has a total market cap of $3.5 trillion. Nvidia, $NVDA, alone, with a $5.7 trillion market cap, exceeds the small-cap index by $2.2 trillion. At the same time, Apple, $AAPL, with its $4.9 trillion market cap, is worth $1.4 trillion more than the Russell 2000. Alphabet, $GOOGL, and Microsoft, $MSFT, are valued at $4.2 trillion and $3.8 trillion, respectively, also surpassing the combined market cap of the Russell. These 4 big tech stocks are now collectively valued at a massive $18.6 trillion, accounting for 26% of the S&P 500’s total market cap. Meanwhile, the Russell 2000 represents ~7% of the total US equity market, despite containing nearly 2,000 companies. Big tech has never been bigger.